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IRS Notice 2021-15 Provides Guidance on COVID-Related Cafeteria Plan Flexibility

Quick Facts On February 18, 2021, the IRS released guidance clarifying cafeteria plan flexibility allowed in the Consolidated Appropriations Act. The guidance addresses questions related to issues including claims, discrimination testing and election limits Employers with fully-insured group health plans will likely be able to rely on the carrier to show compliance. Cafeteria plan flexibility is optional and applies only to certain timeframes in 2020 and 2021. Plan amendments must be made no later than the last day of the first calendar year beginning after the end of the plan year in which the amendment is effective. On February …

https://www.epicbrokers.com/insights/irs-notice-2021-15-covid-related-cafeteria-plan-flexibility/

New DOL Outbreak Period and Extended Time Frames Guidance

Quick Facts In 2020, the regulatory agencies issued a final rule extending several notice and disclosure deadlines applicable to ERISA benefits during the “Outbreak Period” as defined by the National Emergency. The rule was valid during the National Emergency for up to 12 months. Although the National Emergency remains in place, the expiration of the 12-month period was February 28, 2021. To avoid complete expiration of the final rule the agencies implemented a “Disregarded Period,” stating that if during the National Emergency a participant or plan sponsor is subject to a statutory deadline for a notice or disclosure subject …

https://www.epicbrokers.com/insights/new-dol-outbreak-period-and-extended-time-frames-guidance/

EPIC CIO Named to ACORD Board of Directors

ACORD, the global standards-setting body for the insurance industry, announced its 2021 Board of Directors, which includes the addition of our EPIC Chief Information Officer (CIO), Vlad Yekelchik. Vlad was appointed to the Board because of his experience and passion for insurance. Vlad joined EPIC as CIO in June of 2019 and plays a key role in the EPIC Technology Strategy and Digital Innovation. Prior to joining EPIC, Vlad held various senior leadership positions with leading global banking and insurance organizations. He brings more than 25 years of Information Technology, Security Infrastructure and Application Solutions experience. Most recently, Vlad …

https://www.epicbrokers.com/insights/epic-cio-named-acord-board-directors/

EPIC Announces Leadership Structure Realignment

Positions firm for continued growth and success EPIC Insurance Brokers and Consultants CEO Steve Denton announced organizational and restructuring changes, effective immediately, across the company. The moves are designed to position EPIC to thrive for years to come. Tom O’Neil has been named President of EPIC and will work directly with Denton to grow the business across its entire platform – from Private Client to Large Complex Risk in both Property & Casualty and Employee Benefits. O’Neil previously led the West and Northeast Regions and integrated several large acquisitions that expanded the overall footprint of EPIC. In conjunction with leadership …

https://www.epicbrokers.com/insights/epic-announces-leadership-structure-realignment/

De Minimis Wellness Incentives – Why Wait?

Our clients have been asking us for recommendations for no- and low-cost incentives for their wellness programs for years, and now the Equal Employment Opportunity Commission (EEOC) has come out with proposed guidance for these wellness incentives, suggesting a significant shift for many wellness programs to de minimis incentives only. The alert addresses what type of incentives can be offered without violating the Americans with Disabilities Act (ADA) or the Genetic Information Nondiscrimination Act (GINA), stating that “allowing too high of an incentive would make employees feel coerced to disclose protected medical information to receive a reward or avoid …

https://www.epicbrokers.com/insights/de-minimis-wellness-incentives-why-wait/

Is the COVID-19 Outbreak Period Ending Soon?

… declaration issued by President Biden or an Outbreak Period extension by the Departments could delay the ending of the Outbreak Period deadline relief. Those affected by the deadline relief under the Outbreak Period Extensions should prepare for the possible ending of the Outbreak Period Extensions. On April 28, 2020, the Employee Benefits Security Administration of the Department of Labor (EBSA) released Disaster Relief Notice 2020-01: Guidance Relief for Employee Benefit Plans Due to the COVID-19 Outbreak and a related news release. On May 4, 2020, The Departments published the final version of the Extension of Timeframe Rule (Rule …

https://www.epicbrokers.com/insights/is-the-covid-19-outbreak-period-ending-soon/

Covering Coronavirus: Risk Considerations Volume 2, Issue 4

EPIC Risk Advisory Bulletin Volume 2, Issue 4 In this issue, we take a focused look at: Supply Chain and Business Risks FMCSA Extends Emergency Declaration and Waivers FAQs About Mask Requirements at Transportation Hubs Canadian Government Introduces More Travel Restrictions Travel Restrictions in UK Could Carry Jail Time Insurance Products and Coverage Information Business Interruption Presumptive Compensability News of Note Human Resources and Employee Benefits Virginia Safety Rule Could Become National Model New CDC Study Shows Benefits of Double Masking Spotlight on the Coronavirus Vaccine Insights from Across the Firm The information presented here is intended to provide a …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-2-issue-4/

Rising Hospital Costs – One Reason for the Public Option

Americans are getting frustrated with the high cost of healthcare and the private sector isn’t reducing costs quickly enough. This week, Senators Michael Bennet (Democrat, CO) and Tim Kaine (Democrat, VA) introduced their version of a public option, which would permit Americans to buy into a Medicare-like option of health insurance. The public option has been advocated by President Biden in his plan for reducing healthcare costs. One of the abuses that this would solve is the excessive charges from hospital systems, which would be reimbursed pursuant to the government-established payment rate. Viewpoints from Craig Hasday A …

https://www.epicbrokers.com/insights/rising-hospital-costs-one-reason-for-the-public-option/